Best Life Insurance Plans In Hong Kong 2021

Choosing a life insurance policy can be a complex process that requires you to consider many long-term factors. Our insurance analysts have researched all of the life insurance policies currently offered by dozens of insurance companies in Hong Kong. Use our guide below to compare the best available life insurance policies and their coverage terms.

Term life insurance is a policy that pays your beneficiaries a lump sum if you pass away during a fixed period. Simple in design and available in 5-year term increments, term life policies are much cheaper than whole life insurance plans.

When purchasing a term plan, you have two main questions: How long do I need the policy, and how much life insurance (sum assured) do I need?

Typically, you will find term life plans ranging from annual policy terms to 5, 10, 15, 20, and sometimes up to** 30-year** policy terms. When you are up for renewal, you should expect your premium to increase as you get older. Check your policy closely to see if you are qualified to renew or convert your plan to a whole life insurance plan.

The next thing to look at is how much coverage do you want. Life insurance pays a lump sum death benefit directly related to the sum assured/insured (amount of premium you pay throughout the life of the plan). The higher the sum assured, the higher the premium and benefit amount that your family and loved ones will receive if you pass away.

Term life plans tend not to have too many additional benefits. However, some insurers offer the option to purchase riders or additional benefits like critical illness, disability, or accidental death benefits. Check out our top picks for best critical illness insurance and VHIS medical insurance plans in Hong Kong.

Best Term Life Insurance You Can Buy Online

In Hong Kong, a handful of insurers make it easy for you to purchase a term life insurance policy online. Consumers can purchase these plans directly from the insurance company's website by answering a few questions. Since life insurance is a long-term commitment, we also recommend that you discuss your specific life insurance requirements with your financial advisor before making a decision.

InstantPro Term Life Plan Simple 5 Years Term Life Plan ZA Life Protect
Bank of China LifeChina Life InsuranceZA Life
Death BenefitDeath BenefitDeath Benefit
Minimum sum assured HK$500,000Minimum sum assured HK$500,000Minimum sum assured HK$100,000

5 year benefit term (renewable)

5 year benefit term (renewable)1, 5, 10 year terms (renewable)
Issue Age: 18 to 60 years oldIssue Age: 18 to 60 years oldIssue Age: 18 to 65 years old
Convertible to whole life planConvertible to whole life planNot Convertible to whole life plan
InstantPro Term Life Plan
  • Minimum sum assured: HK$500,000
  • Benefit term:5 years (renewable)
  • Issue Age: 18 to 60 years old
  • Convertible to whole life plan
Simple 5 Years Term Life Plan
  • Minimum sum assured: HK$500,000
  • Benefit term:5 years (renewable)
  • Issue Age: 18 to 60 years old
  • Convertible to whole life plan
ZA Life Protect
  • Minimum sum assured: HK$100,000
  • Benefit term:1, 5, 10 years (renewable)
  • Issue Age: 18 to 60 years old
  • Convertible to whole life plan

The InstantPro Term Life Plan, Simple 5 Years Term Life Plan, and the ZA Life Protect plan are all standard term life insurance policies that you will find on the market. They are reasonably priced and the application requirements are all very simple to apply.

Best Term Life Insurance Plan

Term life insurance plans are simple and affordable life insurance plans that will only pay out a sum assured if death occurs within the policy term. These policies may offer the ability to purchase additional addons. However, notice the benefit term and minimum sum assured under these plans to see if they fit your needs.

Plan: WeCare Life Protection Plan 2 Senior Life Insurance Plan Smart Elite Term/Smart Term Multi-Select Term Life Plan
Highlight:Cheapest planBest for seniorsBest for new familiesMost flexible
Coverage:Death benefitDeath benefit, Accidental death benefitDeath benefitDeath benefit

Minimum sum assured:

HK$250,000HK$80,000HK$240,000HK$585,000
Benefit terms:5, 10, 15, 20 year terms (renewable)Protection up to age 1001, 5, 10 year terms (renewable)1, 5, 10, 15, 20. 25 year terms (renewable)
Issue age:18 to 55 years old55 to 85 years old18 to 65 years old16 to 65 years old
Extra benefits:Online quotesOnline quotes, medical check-up coupon, free eye test, and a hearing assessment couponOptional riders availableOptional riders available

Blue's WeCare Plan 2 offers a simple and affordable term life insurance plan. Consumers looking for the cheapest life insurance plan with a low sum assured can quickly purchase WeCare Term Life Protection Plan 2 online. This lower tier life insurance plan outcompetes other options through convenience. Just answer** 3 questions **and you can purchase a term life plan within minutes.

The Senior Life Plan is a tailored plan for senior citizens looking for life insurance. You will find that the older you are, the more difficult it is to purchase life insurance policies. If you are above the age of 65, the number of available plans will be significantly smaller.

Cigna created an insurance product for this problem. With an issue age between** 50-85**, consumers within this age range will find it much easier to apply and purchase the Senior Life Plan. Not only this, but the added coupons for medical check-ups, eye tests, and hearing assessments make this policy even more attractive to seniors. Keep in mind the maximum sum assured will be capped at** HK$150,000. **

AXA's The Smart Elite Term/Smart Term plan is best for new families because of their low sum assured and multiple premium payment terms. The minimum sum assured is one of the lowest in the market at HK$240,000, and you can choose between a 1, 5, or 10-year benefit term.

As a new family, your expenses will naturally increase to take care of a growing family. However, you still need to protect your family in the unfortunate event that you pass away. Purchasing this plan makes it easy for you to protect your family at a lower price point.

Chubb offers one of the most flexible term life insurance plans in the market. You can choose between a benefit term of **1, 5, 10, 15, 20, and 25 years **as well as multiple riders to supplement your life insurance plan. This plan also offers guaranteed renewals and the option to convert the plan into a whole life insurance plan if you want to in the future. If you are looking for a plan that can change as your financial needs change, this is an excellent choice for you.

WeCare Life Protection Plan 2
  • Highlight: Cheapest Plan
  • Coverage Death benefit
  • Minimum sum assured HK$250,000
  • Benefit term: 5, 10, 15, 20 years (renewable)
  • Issue Age: 18 to 60 years old
  • Extra benefits: Online quotes

Blue's WeCare Plan 2 offers a simple and affordable term life insurance plan. Consumers looking for the cheapest life insurance plan with a low sum assured can quickly purchase WeCare Term Life Protection Plan 2 online. This lower tier life insurance plan outcompetes other options through convenience. Just answer 3 questions and you can purchase a term life plan within minutes.

Senior Life Plan
  • Highlight: Best for seniors
  • Coverage Death benefit
  • Minimum sum assured HK$80,000
  • Benefit term: Protection up to age 100
  • Issue Age: 18 to 65 years old
  • Extra benefits: Online quotes, free eye test, medical check-up and hearing assessment coupon

The Senior Life Plan is a tailored plan for senior citizens looking for life insurance. You will find that the older you are, the more difficult it is to purchase life insurance policies. If you are above the age of 65, the number of available plans will be significantly smaller.

Cigna created an insurance product for this problem. With an issue age between 50-85, consumers within this age range will find it much easier to apply and purchase the Senior Life Plan. Not only this, but the added coupons for medical check-ups, eye tests, and hearing assessments make this policy even more attractive to seniors. Keep in mind the maximum sum assured will be capped at **HK$150,000. **

Smart Elite Term/Smart Term
  • Highlight: Best for new families
  • Coverage Death benefit
  • Minimum sum assured HK$240,000
  • Benefit term: 1, 5, 10 years (renewable)
  • Issue Age: 18 to 65 years old
  • Extra benefits: Optional riders available

AXA's The Smart Elite Term/Smart Term plan is best for new families because of their low sum assured and multiple premium payment terms. The minimum sum assured is one of the lowest in the market at HK$240,000, and you can choose between a** 1, 5, or 10-year** benefit term.

As a new family, your expenses will naturally increase to take care of a growing family. However, you still need to protect your family in the unfortunate event that you pass away. Purchasing this plan makes it easy for you to protect your family at a lower price point.

Multi-Select Life Term Plan
  • Highlight: Most flexible
  • Coverage Death benefit
  • Minimum sum assured HK$585,000
  • Benefit term: 1, 5, 10, 15, 20, 25 years (renewable)
  • Issue Age: 16 to 65 years old
  • Extra benefits: Optional riders available

Chubb offers one of the most flexible term life insurance plans in the market. You can choose between a benefit term of 1, 5, 10, 15, 20, and 25 years as well as multiple riders to supplement your life insurance plan. This plan also offers guaranteed renewals and the option to convert the plan into a whole life insurance plan if you want to in the future. If you are looking for a plan that can change as your financial needs change, this is an excellent choice for you.

Best Whole Life Insurance Plans

Whole life insurance plans differ considerably in the market. This can be overwhelming at first, but some of the most common benefits that you will find is a cash value benefit on top of a death benefit, which can serve as a source of income in the future. Other common benefits are annual and terminal dividends paid to you over the life of the policy from the interest built from premiums paid.

Since these plans often come with more added benefits and flexibility compared to a term life plan, the premiums will be significantly more expensive. However, some great reasons to purchase a whole life insurance plan will include but are not limited to:

  • Leaving an inheritance while still spending your retirement savings
  • Securing coverage that lasts for the rest of your life

The best time to purchase a life insurance plan is when you are younger. Not only will you enjoy higher annual dividends and cash value benefits, but younger consumers will qualify for lower premiums. Additionally, you are more likely to develop health complications as you get older, making it more expensive to purchase a whole life insurance plan.

Plan: Executive Life Insurance Brighter Life Insurance Wealth Power Saving Plan Victory Life Insurance Plan
Highlight:Most flexibleBest for childrenBest for retirementBest legacy plan
Coverage:Death benefitDeath benefitDeath benefitDeath benefit
Minimum sum assured:-HK$55,000USD 10,000USD 7,500
Premium payment terms:3, 5, 10, 15, 18, 25 yearsUp to age 655, 10 years5, 10 years
Issue age:15 days to 75 years old15 days to 11 years old15 days to 70 years old0 to 80 years old
Extra benefits:
  • Annual dividend
  • Terminal dividend
  • Premium waiver
  • Cash coupons
  • Annual dividend
  • Terminal dividend
  • Premium waiver
  • Cash withdrawals
  • Annual dividend
  • Terminal dividend
  • Premium waiver
  • Ability to change insured
  • Annual dividend
  • Terminal dividend
  • Premium waiver

AIA's Executive Life Plan offers a wide range of payment terms for most consumers. You can choose between payment terms of** 3, 5, 10, 15, 18, 25, or 80 years**. Additionally, the age limit on new applicants is up to 75 years old—much higher than competitors.

Executive Life comes with a future premium waiver in the event of permanent disability and optional riders for accidental death, critical illness, and disability protection. This is a great choice if you are looking for a straightforward whole life insurance plan and want the flexibility of choice for either short or long payment terms.

China Life's Brighter Life Insurance Plan is a whole life insurance plan for your child. The plan includes a coupon feature that allows your child to access 8% **of the current sum assured after their 18th birthday. Additionally, each year between the **age 18 and 21, your child can use the cash coupon to access 14% of the current sum assured each time for college expenses. The minimum sum assured is as low as HK$55,000—making it affordable for parents to insure their child the moment they are born.

Note: Life insurance is designed to protect your loved ones who rely on your income. Your child doesn't make a paycheck nor do they have any dependents. That being said, many people do purchase life insurance for their child because it is an investment for future expenses, covers funeral expenses, and can lock in affordable premiums at a young age. If you are looking to purchase life insurance for your child, the Brighter Life Insurance plan allows you to take advantage of these benefits.

China Taiping's Taiping Wealth Power Saving Protection Plan offers a whole life insurance with an annuity plan to help individuals transition from work to retirement. Annuity plans are insurance policies that take a lump sum payment and distribute it each month or quarter until the insured passes away.

The Taiping Wealth Power Saving Protection plan combines both Life insurance coverage and regular annuity payments for those looking to manage their retirement funds. This plan is excellent if you want a fixed income and don't want to risk using up all of your retirement funds as you live a long and healthy life.

One drawback to consider is that these types of plans often come with higher fees. Additionally, although you get a fixed income, you cannot increase these payments or adjust due to inflation over time.

Sun Life's Victory whole life insurance plan includes a feature that offers life insurance and the ability to** change the insured** to continue coverage and grow your paid premiums for generations. Typical whole life insurance plans will pay a death benefit if you pass away. Victory (Sun Life) allows you to choose between receiving a death benefit like other whole life insurance plans or changing the named insured to pass on your wealth and life insurance coverage to the next generation. This benefit can be passed on for multiple generations as your paid principal continues to grow over the years.

Executive Life
  • Highlight: Most flexible
  • Coverage Death benefit
  • Premium payment term: 3, 5, 10, 15, 18, 20, 25 years
  • Issue Age: 15 days to 75 years old
  • Extra benefits: Annual dividend, terminal dividend, premium waiver

AIA's Executive Life Plan offers a wide range of payment terms for most consumers. You can choose between payment terms of 3, 5, 10, 15, 18, 25, or 80 years. Additionally, the age limit on new applicants is up to** 75** years old—much higher than competitors.

Executive Life comes with a future premium waiver in the event of permanent disability and optional riders for accidental death, critical illness, and disability protection. This is a great choice if you are looking for a straightforward whole life insurance plan and want the flexibility of choice for either short or long payment terms.

Brighter Life Insurance
  • Highlight: Best for children
  • Coverage Death benefit
  • Minimum sum assured HK$55,000
  • Premium payment term: Up to age 65
  • Issue Age: 15 days to 11 years old
  • Extra benefits: Cash coupons, annual dividend, terminal dividend, premium waiver

China Life's Brighter Life Insurance Plan is a whole life insurance plan for your child. The plan includes a coupon feature that allows your child to access** 8%** of the current sum assured after their 18th birthday. Additionally, each year between the age 18 and 21, your child can use the cash coupon to access 14% **of the current sum assured each time for college expenses. The minimum sum assured is as low as **HK$55,000—making it affordable for parents to insure their child the moment they are born.

Note: Life insurance is designed to protect your loved ones who rely on your income. Your child doesn't make a paycheck nor do they have any dependents. That being said, many people do purchase life insurance for their child because it is an investment for future expenses, covers funeral expenses, and can lock in affordable premiums at a young age. If you are looking to purchase life insurance for your child, the Brighter Life Insurance plan allows you to take advantage of these benefits.

Taiping Wealth Power Savings Protection Plan
  • Highlight: Best for retirement
  • Coverage Death benefit
  • Minimum sum assured USD 10,000
  • Premium payment term: 5, 10 years
  • Issue Age: 15 days to 70 years old
  • Extra benefits: Cash withdrawals, annual dividend, terminal dividend, premium waiver

China Taiping's Taiping Wealth Power Saving Protection Plan offers a whole life insurance with an annuity plan to help individuals transition from work to retirement. Annuity plans are insurance policies that take a lump sum payment and distribute it each month or quarter until the insured passes away.

The Taiping Wealth Power Saving Protection plan combines both Life insurance coverage and regular annuity payments for those looking to manage their retirement funds. This plan is excellent if you want a fixed income and don't want to risk using up all of your retirement funds as you live a long and healthy life.

One drawback to consider is that these types of plans often come with higher fees. Additionally, although you get a fixed income, you cannot increase these payments or adjust due to inflation over time.

Victory (Sun Life)
  • Highlight: Best legacy plan
  • Coverage Death benefit
  • Minimum sum assured USD 7,500
  • Premium payment term: 5, 10 years
  • Issue Age: 0 to 80 years old
  • Extra benefits: Ability to change insured, annual dividend, terminal dividend, premium waiver

Sun Life's Victory whole life insurance plan includes a feature that offers life insurance and the ability to change the insured to continue coverage and grow your paid premiums for generations. Typical whole life insurance plans will pay a death benefit if you pass away. Victory (Sun Life) allows you to choose between receiving a death benefit like other whole life insurance plans or changing the named insured to pass on your wealth and life insurance coverage to the next generation. This benefit can be passed on for multiple generations as your paid principal continues to grow over the years.

Term vs. Whole Life Insurance Plans

Term life insurance is simple and the easiest to understand between the two types of life insurance. You pay for a promise for coverage in case you pass away for a fixed amount of time. Typically, you will find no extra benefits or cash back benefits with a term life insurance plan. Without all the extra features, term life insurance will be considerably cheaper than a whole life plan.

Whole Life Insurance is complex and will take you much longer to compare the differences between plans. Unlike term life insurance, whole life insurance is permanent and offers coverage for your** entire life.** It will also come with cash value accounts that you can access after a designated period. These accounts are why consumers will often see savings or retirement features when shopping for a whole life insurance plan.

Term Life InsuranceWhole Life Insurance
Benefit termFixedEntire life
Premium payment termAs long as the policy benefit termTypically a fixed period of time before you no longer need to pay more premium
Collects cash valueNoYes
Annual dividendNoYes
PriceCheaperMore expensive

Methodology

We've looked at 25 different insurers that offer life insurance in Hong Kong. Our expert analysts gathered quotes for non-smoking males and females ages 25, 35, 45, and 55 to compare premiums and coverage terms. Premiums gathered were from all the insurance providers that offer online quotable terms. We did not include plans that can only be purchased through an insurance agent in this dataset. However, we included these insurance plans in our analysis when comparing product terms and benefits for you.

Insurance Companies In Sample
AIAGeneraliAXABlueBank of China
China LifeChina TaipingChubbCignaFTLife
FubonFWDHang SengHong Kong LifeHSBC Life
LibertyManulifePacific LifePhoenix LifePrudential HK
Sun LifeTransamerica LifeYF LifeZA LifeZurich

Frequently Asked Questions

You need life insurance if there is anyone dependent on your income. This often is family members like a spouse, children, and grandchildren.

Life insurance policies with a savings component are also sometimes used to help save and pay off major expenses like debt. If you are looking for health insurance products, take a look at our top picks for the best VHIS insurance plans in Hong Kong.

Life insurance offers a lump sum payment after the death of an insured. Some policies come with extra benefits that may cover critical illness or disability as well. For more information on critical illness insurance, check out our top choices in Hong Kong.

If you are the beneficiary of a life insurance policy and the insured passes away, contact the insurance company as soon as possible to file a claim. You may have to complete several forms and provide a death certificate.

Insurance agents and insurance brokers are individuals that sell insurance in Hong Kong. These individuals are regulated in Hong Kong and in order to purchase certain types of insurance, you may need to first contact an insurance agent.

Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion Hong Kong, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.